BMV / Vehicle Transfer Question

[Grogmister]

Ok, this is a long shot but maybe one of you have delt with this before. I have a leased vehicle that is coming to the end. (Already bought a new truck) I know my payoff/buyout that includes the sales tax on the residual balance. I have a co-worker who is going to buy it from me when I pay it off. My question is, is there a way for him to not have to pay sales tax again? I know once I pay off the lease they will send me the title paperwork for the new registration. Do I have to title it in my name, wait for the title to arrive in my name then sell it to him with a BOS? I was hoping to save doubling the sales tax. If that is the only option so be it but seems like double dipping on the states part. Thanks for any insight and possibly a trip tot the BMV to ask the same question.

 

[Cameramonkey]

I doubt it. Unless you can get the leasing company to transfer the lease to him, I dont see a way out of that double dip.

And that makes my spidey senses tingle on how it can go sideways for you. (he gets a free car and doesnt pay you, and if you try to fight it you'll have to explain you were trying to do a tax dodge, which may not end well for you.

 

[Grogmister]

I doubt it. Unless you can get the leasing company to transfer the lease to him, I dont see a way out of that double dip.

And that makes my spidey senses tingle on how it can go sideways for you. (he gets a free car and doesnt pay you, and if you try to fight it you'll have to explain you were trying to do a tax dodge, which may not end well for you.

I was assuming that would be the case. He is actually paying me before I purchase the lease out. I didn't want to get stuck with 2 vehicle. Not looking to tax dodge, just seemed like we are actually paying 14% tax. Oh well guess the state needs some extra cash. LOL

 

[BehindBlueI's]

Ok, this is a long shot but maybe one of you have delt with this before. I have a leased vehicle that is coming to the end. (Already bought a new truck) I know my payoff/buyout that includes the sales tax on the residual balance. I have a co-worker who is going to buy it from me when I pay it off. My question is, is there a way for him to not have to pay sales tax again? I know once I pay off the lease they will send me the title paperwork for the new registration. Do I have to title it in my name, wait for the title to arrive in my name then sell it to him with a BOS? I was hoping to save doubling the sales tax. If that is the only option so be it but seems like double dipping on the states part. Thanks for any insight and possibly a trip tot the BMV to ask the same question.

The only legal way I can think of that doesn't require a dealer playing along is if the leasing company will let him assume the lease before the expiration. He can make the last few payments, or you can, whatever, but he's on the lease paperwork now so he buys it out directly without your involvement. I'm not sure if you can just add someone to a lease, but that would be another option if you trust your buddy.

Maybe call your lease holder and ask what the process is to let your buddy assume it then go from there.

 

[Grogmister]

The only legal way I can think of that doesn't require a dealer playing along is if the leasing company will let him assume the lease before the expiration. He can make the last few payments, or you can, whatever, but he's on the lease paperwork now so he buys it out directly without your involvement. I'm not sure if you can just add someone to a lease, but that would be another option if you trust your buddy.

Maybe call your lease holder and ask what the process is to let your buddy assume it then go from there.

Yeah I tried that route first and its a NO GO. Appreciate the idea though.